Two men were arrested in Koyambedu on Monday for duping banks by obtaining car loans submitting fake documents and later selling off the cars using fake registration (RC) books.
Police said Harinath, 33, of Porur, Arun Prasad, 32, of Kolathur had connived with four others in executing the crime. A hunt is on for four others in this connection.
In his complaint, Shanmugam of Nerkundram said he struck a deal with Harinath to purchase a car for 7 lakh and was given an RC book after he paid an advance of Rs 4 lakh. A check at the RTO office concerned, however, revealed that the RC book was that of a two wheeler, police said.
Police soon nabbed Harinath who told them during interrogation that he and other members of the gang secured car loans from banks using fake documents and would buy a car. They would change the number plate of the car and sell it. Then, without paying the EMIs, they would go underground before targeting another bank.
They had cheated several nationalized bank branches across the city, mainly SBI branches in Kodambakkam and Anna Nagar, Harinath told police. He and his accomplices had bought five cars since March and sold them to different people both in and outside the city. Arun Prasad, a web designer, helped secure fake PAN cards and other documents for obtaining loans, Harinath confessed.
Police suspect that some bank officials were also involved in the crime.
Harinath, a chemistry graduate from a city college, worked as a sales representative for two years in a private company before taking to crime, police said. Investigators are verifying the details of the four others involved in the racket and how they managed to get the fake seals and other equipment required to prepare fake documents.
Source: indiatimes
